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Mortgage rates moved down nicely last week and have either maintained or improved upon those levels this week. The catch is that the good times aren't rolling for everyone. Borrowers with lower credit scores, less equity, and especially those needing a cash-out refinance are quickly finding the landscape to be very different than the last time they received a mortgage rate quote. Coronavirus has had far-reaching effects for the economy, obviously. The impact on the mortgage market isn't nearly as publicized but it's no less significant in the context of this particular industry. Nearly 7% of mortgage holders have sought forbearance arrangements--a higher number than the industry ever imagined. Mortgage investors risk heavy losses on those loans. Thus demand has dried up for the loans seen as
Mortgage Rate Watch
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Mortgage rates moved down nicely last week and have either maintained or improved upon those levels this week. The catch is that the good times aren't rolling for everyone. Borrowers with lower credit scores, less equity, and especially those needing... (read more)
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MBS Commentary
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This morning, GDP came out at -4.8%, the lowest reading since Q1, 2009. The Fed announcement and press conference will be out this afternoon. But the most interesting development may well be the emergence of the 2.0 30yr fixed UMBS coupon... (read more)
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Housing News
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Everyone knew that the March pending home sales report, the first real measure of the impact of the COVID-19 impact on the residential real estate markets, was going to be bad. It was that and more. The National Association of Realtors® (NAR) sai... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) reported a second strong week for purchase applications last week although refinancing continued to dominate the mortgage market. MBA's Market Composite Index, a measure of application volume, was down 3.3 perce... (read more)
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Rob Chrisman
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While in captivity it is important to observe the impact of your words during meal times. (Warning: Rated R for language.) Measuring the financial impact of the government-instituted changes is now a focus. Credit-card payments are one of the first p... (read more)
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Housing News
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The U.S. Homeownership Rate reached its highest level in nearly seven years in the first quarter of 2020. The Census Bureau said the rate, 65.3 percent, tied with the rate in the third quarter of 2013. The rate hit a multi-decade low of 62.9 percent ... (read more)
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